See below a full breakdown of the financial and business support available to your business.
The government have a helpful support identifier questionnaire webpage which allows you to easily see the support your business is eligible for by sector, location, size, etc. See the government Business Support page here.
Furlough Scheme
The Coronavirus Job Retention Scheme has been extended until 30th September 2021. This provides support to all businesses to help keep staff employed. Employers can claim 80% of an employees monthly usual salary, for hours not worked, up to a maximum of £2,500 per month. There will be no employer contributions beyond National Insurance contributions (NICs) and pensions, required in April, May and June. In July, employers will be asked to contribute 10% towards the cost of unworked hours and 20% in August and September. See full details here.
Grants
An overview of grants administered by Merton Council can be found here.
Additional Restrictions Grant
Your small or micro business may be eligible is you satisfy two or more of the following requirements in a year:
- turnover of £10.2 million or less
- balance sheet total of £5.1 million or less
- employ fewer than 50 staff
- have accommodation costs – either Business Rates, rent, mortgage or licence fees (businesses in shared spaces are included)
Small or micro-businesses can apply for this grant even if they have received previous grants or Business Rates Relief. Apply by midday on 17th August here
Recovery Loan Scheme
This will replace the prior Bounce Back Scheme, offering loans between £25,000 and £10 million, and asset and invoice finance between £1,000 and £10 million, to help businesses of all sizes through the next stage of recovery.
Culture Recovery Fund
An extra £300 million will be added to the government’s £1.57 billion Culture Recovery Fund for the arts and culture sector. Museums and cultural bodies in England will also receive £90 million to keep going until they can reopen. There will also be £18.8 million for community cultural projects
Coronavirus Statutory Sick Pay Rebate Scheme
Small and medium-sized employers may be able to reclaim up to two weeks of eligible Statutory Sick Pay (SSP) costs, per employee, from the Government. Find out if you are eligible here.
VAT Reduction
The government has extended the temporary 5% reduced rate of VAT until 30 September 2021. To help businesses manage the transition back to the standard 20% rate, a 12.5% rate will then apply for a further six months, until 31 March 2022. This reduction applies to hospitality and tourism sectors only.
Business Rates
The current 100% business rate relief for retail, hospitality and leisure properties ends on 31 March 2021. This has now been extended for three months until 30 June 2021 and will be followed by 66% business rates relief for the period from 1 July 2021 to 31 March 2022. However, there is a cap at £2 million per business for properties that were required to be closed on 5 January 2021, or £105,000 per business for other eligible properties.
If you are not a retail, hospitality or leisure business and you are concerned about paying your rates, please get in touch with Merton Council on 020 8545 3919 or email at business.rates@merton.gov.uk.
Business Evictions Ban
The government has announced that business owners affected by the pandemic will be protected from eviction by their commercial landlords, until 25 March 2022. This will mean hospitality businesses and others, including nightclubs, which have had to remain closed during the pandemic and are unable to pay rent on their commercial property, as a result, will continue to be protected from eviction. The new measures do not mean that businesses may not pay rent until this date, but instead, that rent debt accumulated during closure will be protected as landlords and tenants agree settlements. The London Business Hub is offering a Property Advice Service and Masterclasses to help businesses understand and navigate rent negotiations.
Help to Grow Scheme
30,000 small and medium-sized businesses will be able to benefit from learning new skills, reaching new customers and boosting profits. This 12-week programme, delivered by the UK’s leading business schools, offers businesses 1:1 support from a mentor, peer-learning sessions and an alumni network. More details here.
Business Support (advice, webinars and more)
- Peer to peer support group – free facilitated support
- Kickstart campaign – offering fully funded 6 month job opportunities to young people
- Reach Out and Connect – webinar support series for local businesses from Merton Chamber of Commerce. You can catch up on previous webinars here.
- Low cost compliance support – keep your first aid and fire warden training up to date online with a refresher course
- Merton Council Regulatory services support webinars
- CIPD
- Government help and support website for resources, e.g. videos and webinars, if your business has been affected by Coronavirus.
- London Business Hub Property Advice Webinars and Covid-19 Help Series
- Roadmap out of lockdown: webinar catch-ups for hospitality, close-contact, retail and office-based businesses
